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Mahara logs SAR 54m profit in Q1

Mahara logs SAR 54m profit in Q1
Revenues of the Saudi-based company grew 13.89% to SAR 372.9 million in Q1-19
MAHARAH
1831
-0.53% 93.80 -0.50

Riyadh – Mubasher: Maharah Human Resources Company posted a 12.49% year-on-year increase in its profits for the first quarter of 2019.

Net profits after zakat and tax levelled up to SAR 54.02 million in Q1-19, compared to SAR 48.02 million in Q1-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.

Revenues of the Saudi-based company grew 13.89% to SAR 372.88 million during the first three months of 2019, against SAR 237.38 million in the same period of the prior year.

Earnings per share (EPS) stood at SAR 1.44 by the end of March, from SAR 1.28 in the corresponding period in the year before.

The rise in first-quarter profit was ascribed to the increase in revenues led by growth in the corporate sector by 16.2% and the individual sector by 8.3% mainly due to ‘the Khidmah’ programme.

It is also driven by the gross-profit increase by 29.1% during the period between January and March of this year.

It is worth noting that Maharah reported a 6% year-on-year hike in its profits for the full-year 2018, recording SAR 220.56 million.